Gold insider is stashing coins in special place with prices surging
Gold insider Edmund Moy is all in on gold coins as an investment with prices for the yellow metal on a strong upswing.
And he shared with Yahoo Finance how he is protecting his investment.
“So I keep a little bit. If you buy physical gold you want it portable if you ever wanted to run out of your house you have that. But I also have it stored in my bank safety deposit box, and there are depositories like the one that just opened in the state of Texas that I have some gold in. So I have it diversified just like central banks do. They don’t all keep it in one place, they keep it in places where they can easily trade that gold for other things,” said Moy, who is the former director of the U.S. Mint turn chief strategist at Valaurum, on Yahoo Finance’s The First Trade.
Moy added, “My mother escaped Hong Kong during World War II and she had gold around her neck and her wrists. And so for me having a little bit of physical gold gives me that confidence and security that I know some people are looking for.”
Judging by the direction of gold prices of late, Moy may be joined soon by others in the race to buy some gold coins to diversify one’s portfolio.
Fueled by the one-two punch of cheap money from the Federal Reserve stoking future inflation fears and the weakening U.S. dollar (always two drivers of gold prices), gold prices have rallied to nearly eight-year highs at close to $1,800 an ounce. Shares of gold miner Freeport McMoran have surged 22% in the past month, per Yahoo Finance Premium data. The SPDR Gold Shares ETF has tacked on a more pedestrian 2% month-to-date, but is up 16% on the year.
Indeed, the move higher in gold has surprised many market watchers seeing as equities have climbed back towards all-time highs despite the COVID-19 pandemic. Usually gold is viewed as a safe-haven play to rotate into when stock prices become volatile with a downside bias.
“I’m not a price picker, but I would say that I would not be surprised if we broke new records during this crisis over the next couple of years,” Moy said.
If that prediction comes true, Moy’s gold coins will be worth a lot more than today.
Brian Sozzi is an editor-at-large and co-anchor of The First Trade at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.
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